Calls for tighter legislation and regulation topped the priorities outlined at the Chinese Art Market Development Summit in Beijing last week. “[A] mature art market needs the control of certain laws because laws can safeguard the interests of all sides,” said Guan Yu, deputy director of the Beijing Municipal Bureau of Culture, in a Jing Daily report.
Insiders also hope that increased oversight will help move China from a “regional” auction center, which deals predominantly in homegrown art, to an international hub. “The inverted structure between the primary market and secondary market is the first issue we have to deal with if we want to enter the international market,” said Guan Yu.
It was estimated earlier this year that China’s auction houses generate nearly half — $13 billion — of the global auction total.
— Rachel Corbett